Twenty-four percent of U.S. accounting firms participating in a recent survey said their business clients are not fully aware of the relevant penalties in the aspects of health care reform beginning in 2014, according to Thomson Reuters.
The survey asked more than 130 U.S. accounting firms for the biggest challenges they and their clients face in implementing the health care legislation. Here are the top three responses:
1. Assessing the impact of employer-shared responsibility requirements — determining large employer status, assessing affordability and minimum value of coverage, and estimating possible penalties.
2. Understanding nondiscrimination requirements for employer-provided health insurance plans.
3. Calculating premium-assistance and cost-sharing reduction subsidies to allow individuals to see the subsidy they would receive based on varying income levels, family size, etc.
“The 20,000 pages of legislation outlines new obligations for employer-provided health plans,” Jim Reeves, vice president of medium and large CPA firm markets at Thomson Reuters, said in a news release. “In our survey of CPAs, more than 70 percent said their clients are counting on their guidance on these issues. This creates a significant opportunity for firms that develop expertise to help clients unravel the complex legislation and implement the new requirements.”